Corsair Capital Management L.P. Makes New Investment in Danaos Corporation $DAC

Key Points

• Corsair Capital Management L.P. has invested approximately $390,000 in Danaos Corporation (NYSE:DAC) by acquiring 5,000 shares in the 1st quarter.
• Several institutional investors have increased or initiated stakes in Danaos, with GAMMA Investing LLC significantly boosting its stake by 7,700% during the same period.
• Danaos recently announced a quarterly dividend of $0.85 per share, leading to an annualized dividend yield of 3.7% and a payout ratio of 14.02%.

Corsair Capital Management L.P. bought a new position in Danaos Corporation (NYSE:DAC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 5,000 shares of the shipping company's stock, valued at approximately $390,000.

Other large investors have also added to or reduced their stakes in the company. GAMMA Investing LLC boosted its stake in Danaos by 7,700.0% in the 1st quarter. GAMMA Investing LLC now owns 390 shares of the shipping company's stock worth $30,000 after purchasing an additional 385 shares during the period. Malaga Cove Capital LLC bought a new position in Danaos in the 4th quarter worth about $288,000. Millburn Ridgefield LLC DE bought a new position in Danaos in the 1st quarter worth about $293,000. National Bank of Canada FI boosted its stake in Danaos by 3.2% in the 1st quarter. National Bank of Canada FI now owns 3,914 shares of the shipping company's stock worth $305,000 after purchasing an additional 120 shares during the period. Finally, Virtu Financial LLC bought a new position in Danaos in the 1st quarter worth about $335,000. Institutional investors own 19.01% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on DAC. Wall Street Zen cut Danaos from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $105.00 price target on shares of Danaos in a report on Tuesday, August 5th. One research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $105.00.

Danaos Stock Performance

NYSE:DAC opened at $92.00 on Friday. The business's 50-day moving average price is $90.69 and its two-hundred day moving average price is $84.44. Danaos Corporation has a twelve month low of $65.40 and a twelve month high of $96.47. The stock has a market cap of $1.75 billion, a P/E ratio of 3.79 and a beta of 1.42. The company has a quick ratio of 5.21, a current ratio of 5.36 and a debt-to-equity ratio of 0.20.

Danaos (NYSE:DAC - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The shipping company reported $6.36 earnings per share for the quarter, missing analysts' consensus estimates of $6.52 by ($0.16). The firm had revenue of $262.15 million for the quarter, compared to analysts' expectations of $247.26 million. Danaos had a net margin of 44.62% and a return on equity of 13.88%. As a group, equities analysts predict that Danaos Corporation will post 29.21 EPS for the current fiscal year.

Danaos Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Tuesday, August 19th were issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, August 19th. Danaos's dividend payout ratio (DPR) is currently 14.02%.

About Danaos

Danaos Corporation, together with its subsidiaries, provides container and drybulk vessels services in Australia, Asia, and Europe. The company offers seaborne transportation services by operating vessels in the containership and drybulk sectors of the shipping industry. As of April 03, 2024, it had a fleet of 68 containerships aggregating 421,293 twenty-foot equivalent units in capacity.

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